For home improvements, consolidating debt, or whatever dreams you have.
Tap into your home’s rising equity with a Home Equity Line of Credit (HELOC) from Patelco. A HELOC can provide you with the flexibility you’re looking for, whether it’s a home remodel, debt consolidation or something else.
- Borrow what you need, when you need it, up to your approved credit limit
- Credit limits available up to $500,000 (Based on credit)1
- Rates as low as 4.750% APR1
- No closing costs up to $250,0002
- No annual or early closure fees
- Lock up to 100% of your outstanding balance at a fixed rate3
¹ 4.750% APR (annual percentage rate) and terms shown are accurate as of May 1, 2019 and apply to a HELOC for the most qualified applicant at CLTV up to 80%. Not all applicants will qualify for the lowest rate. Rates vary based on property value, line amount and other factors, and will vary for second or vacation homes. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 4.75%. Maximum interest rate is 17%. Home Equity loans and lines of credit are available on California properties only.
² The minimum credit line amount is $10,000 and the maximum is $500,000. Patelco Credit Union will pay customary closing costs on lines up to $250,000 in second lien position. Borrower is responsible for closing costs on lines in first lien position or over $250,000. Closing costs range from $0 to $2,500. This offer does not include escrow or recording fees that may result from changes in title or vesting. Visit patelco.org/homeequity for additional details.
³ You must have an eligible, existing Patelco Credit Union Home Equity Line of credit to have the option to fix the interest rate on all or part of the outstanding principal balance. You can convert to a fixed rate and fixed payment on all or part of the outstanding principal balance at any time during the Draw Period or Repayment Period. You may only have one (1) Fixed Rate Option outstanding at one time. The term cannot exceed 180 months or the remaining repayment term on the HELOC, whichever is less. Minimum payment due on a fixed-rate option advance includes principal and interest in fixed monthly payments. The Fixed Rate Option rates are based on the current Home Equity Loan rates for a comparable term at the time the Fixed Rate Option request is made. Your fixed interest rate, monthly payment and APR are calculated differently and may be higher than your variable rate. When your fixed rate term ends, any unpaid balance reverts back to the current variable rate. Once you’ve locked a portion of your loan, that amount will be subtracted from our current credit limit: however, you can still use the remaining portion of your available credit limit at any time during the draw period. If you pay the fixed rate portion off during the draw period, that portion will be re-instated to the previous available credit limit and will be available for additional draws. Your Fixed Rate Option payments will be treated as a separate balance which will be billed on a different statement and will have a different due date. You may still make additional principal payments at any time, without penalty.
Terms, rates and fees are subject to change, without notice. Some restrictions may apply.
NMLS ID # 506373